Economic Commentary

11, October, 2021

Friday October 8th the Labor Department reported, U.S. employers added a disappointing 194,000 jobs in September. That was down from 366,000 jobs in August and far below the million plus jobs added in July. But because the data was collected in mid-September, when the Delta variant was near its peak (and numbers have since dropped), the market shrugged off the report and turned its attention to next month’s report which will be issued on November 5th.

The Fed was waiting for a strong jobs report to confidently announce the beginning of tapering fiscal stimulus and this report wasn’t it. However, the Fed’s hands may be tied. Inflation once deemed “transitory” is intensified by supply chain issues and may become baked into everyday prices. Bottom Line: We believe the Fed will confirm tapering at their next meeting on November 3rd, if not before.

Sources: Yahoo.com

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry.